Equities Analysts Offer Predictions for Biogen Inc.’s Q3 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at Wedbush increased their Q3 2024 earnings estimates for shares of Biogen in a report released on Wednesday, April 17th. Wedbush analyst L. Chico now expects that the biotechnology company will earn $4.13 per share for the quarter, up from their prior forecast of $4.11. Wedbush has a “Neutral” rating and a $213.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. Wedbush also issued estimates for Biogen’s FY2024 earnings at $15.32 EPS.

BIIB has been the topic of several other research reports. William Blair restated an “outperform” rating on shares of Biogen in a research note on Monday, April 1st. Bank Of America (Bofa) cut their target price on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a report on Monday, February 12th. Mizuho reduced their price target on Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Oppenheimer reduced their price target on Biogen from $295.00 to $290.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Finally, Canaccord Genuity Group reduced their price target on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday, February 20th. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $297.73.

Biogen Stock Down 1.5 %

BIIB stock opened at $192.16 on Thursday. Biogen has a 12-month low of $192.01 and a 12-month high of $319.76. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The company has a market cap of $27.93 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 1.86 and a beta of -0.02. The company has a 50 day moving average of $217.16 and a two-hundred day moving average of $236.56.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter in the previous year, the company earned $4.05 EPS.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Primecap Management Co. CA lifted its holdings in Biogen by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after buying an additional 251,915 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Biogen by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after acquiring an additional 2,218,744 shares during the last quarter. State Street Corp raised its position in shares of Biogen by 2.8% during the 1st quarter. State Street Corp now owns 7,208,906 shares of the biotechnology company’s stock valued at $1,518,196,000 after acquiring an additional 197,400 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Biogen by 0.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after acquiring an additional 27,951 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Biogen by 49.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after purchasing an additional 691,843 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Activity

In other Biogen news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 882 shares of company stock worth $202,030. Company insiders own 0.60% of the company’s stock.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.